What is Bitcoin

Spread the love

Table of Contents

What is bitcoin? Bitcoin is a digital currency that works completely free, that is, it is not controlled by any bank or government. A currency that is completely virtual. You can also think of it as the online version of cash.

Bitcoin is a decentralized digital currency, all its transactions are done using a peer-to-peer computer network, that is, all the purchases here are done by the confirmed users. At the same time, there is no interference of any bank or government here at all.

How to buy bitcoin

Nowadays it has become possible to earn money with the help of the internet. There are many ways by which we can earn money from the internet sitting at home. One of those ways is Bitcoin, due to which we can earn a lot of money.

Some of you must have heard about Bitcoin and those who do not know anything about Bitcoin, today they will know through this article. Yes, today I am going to tell you about what is bitcoin.

What is Bitcoin

Bitcoin is a decentralized currency, which means that it is not tied to any specific country or currency. It is a currency built on top of blockchain technology, which means that transactions made with bitcoin are publicly and chronologically stored on the blockchain. This means that anyone can see all the transactions done so far.

Bitcoin was introduced in 2009 by an individual or group named Satoshi Nakamoto. Bitcoin was meant to be a way to create a digital version of cash where payments could be made from person to person without having to go through a financial institution or other middleman who might charge a fee for this type of payment and can slow down the process time.

Anyone can use bitcoin as we all use the internet and there is no owner of it, in the same way, bitcoin is also there.

Why is bitcoin used?

We can use bitcoin to make online payments or to do any kind of transaction. Bitcoin works on peer-to-peer network-based which means that people can easily transact with each other directly without any bank, credit card, or through any company.

Bitcoin is considered the fastest and most efficient to use in transactions. Nowadays many people are adopting bitcoin-like online developers, entrepreneurs, non-profit organizations etc. And because of this bitcoin is being used for global payment all over the world.

Like we do online transactions using other currencies, then we have to follow the payment process of banks, only then we are able to make payment and the account of every transaction done by us is present in our bank account so that it can be detected. Where and how much money has been spent, but there is no owner of bitcoin, so the transactions done with it are recorded in a public ledger (account) which is called bitcoin “blockchain”.

There, all the transaction details done with bitcoin are stored and the same blockchain is the proof of whether the transaction has taken place or not.

Bitcoin price today

The value of Bitcoin is about 46,958.10USD in today’s day, which means that the value of one Bitcoin is 35,70,099.23. Its value keeps getting more or less because there is no authority to control it, so its value keeps changing according to its demand.

What is a bitcoin wallet?

We can only store bitcoin electronically and a bitcoin wallet is needed to keep it. There are many types of bitcoin wallets such as desktop wallets, mobile wallets, online / web-based wallets, hardware wallets, using one of these wallets, we have to create an account in it.

This wallet gives us a unique id in the form of an address, as if you have earned bitcoin from somewhere and you have to store it in your account, then you will need that address there and with the help of that, you can transfer bitcoin to your account. Can keep in a wallet.

Apart from that, if you want to buy or sell bitcoin, then you need a bitcoin wallet and after that all the money you get in exchange for the bitcoin you sell, you can also get it transferred to your bank account through bitcoin wallet.

How to earn bitcoin

We can earn bitcoin in three ways. Here we have given complete information on how to create a bitcoin account.

1. The first way is that if you have money, then you can buy a bitcoin directly.

2. Another way is that if you are selling any goods to someone online and if bitcoin is present with that buyer, then you take bitcoin in exchange for money, in this case, you will sell those goods to them and you will also get bitcoin. Which will be stored in your bitcoin wallet.

If you want, later you can also get profit by selling that bitcoin to another person at a higher price.

3. The third way is bitcoin mining. For this, we will need a computer with high-speed processor whose hardware should also be good. We use bitcoin only for online payment and when someone pays with bitcoin, that transaction is verified.

Those who verify them, we are called miners and those miners have high-performance computers and GPUs and they verify the transactions through this. They verify whether the transactions are correct or not or whether any kind of manipulation has been done in it. In exchange for this verification, they get some bitcoins as a reward and in this way new bitcoins come to the market.

Anyone can do this, for this a computer with high-speed processor is needed, which is not in everyone’s budget to buy.

Just like in every country there is a limit to print currency in a year that you can print just so many notes in year, in the same way, there are some limitations with bitcoin as well that more than 21 million bitcoins cannot come in the market. That is, the limit of bitcoin is just 21 million, more bitcoin will never be found than that.

Talking about now, about 13 million bitcoins have arrived in the market and the new bitcoins will now come through mining.

Advantages of bitcoin

1. Here your transaction fee is very less than paying by credit card and debit card.

2. You can send Bitcoin anywhere and anytime in the world without any hassle.

3. There is no account block of bitcoin here, like sometimes for some reason the bank blocks our credit or debit card, then that problem does not happen here.

4. If any government or authority in the transaction process of Bitcoin does not keep an eye on you, then there are many people who also use it to do wrong things, then it is beneficial for them.

Disadvantages of bitcoin

1. There is no authority, bank, or government to control bitcoin here, so due to this, there are many fluctuations in the price of bitcoin, then it becomes a bit risky.

2. If your account ever gets hacked then you will lose all your bitcoins and it cannot be brought back, no one will be able to help you in this.

How to buy bitcoin?

You can buy bitcoin just like gold, that too in Indian currency. So let us know that there are such websites in India from where we can buy Bitcoin very easily, that too in our own currency.

Here in these websites, you can easily see their fair price, that too in real time. If you need detailed information on how to buy bitcoin, read here.

1. Wazirx

2. Unocoin

3. Zebpay